USD/CNY to fall below 7.00 in the latter part of 2024 – Commerzbank
The Yuan has been under pressure amid China’s weak economic outlook. Economists at Commerzbank analyze USD/CNY outlook.
Pressure persists into 2024
CNY will likely remain under pressure before economic data show that China’s growth momentum stabilizes and gains a firmer footing.
We expect the USD/CN pair to continue to stay at around 7.30 in the near term and CNY will remain weak for some time ahead.
Longer out, we expect USD/CNY to fall below 7.00 in the latter part of 2024 due to the expectation of a softer USD as we anticipate the Fed to cut its key interest rate next year.
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